Trying to get a sense of what folks in tech think about this. Is the current status quo fair or are we getting pimped?
How do you define “fair”
It should be the same for everyone except the very poor. Remember they probably don't make up the 1% richest in the world and are probably not accumulating all that much wealth.
Taxes should be a flat rate. It’s stupid to penalize hard workers more. Anyhow, the system won’t change regardless.
"Penalize Hard workers". Do you seriously believe you work harder than the rest of America?. You got educated in the right field and were able to secure a very good life for yourself - congrats for that. But pls don't believe you are more hard working than an average person.
Flat rate sounds like a good idea but it does unfairly impact low earners. Think about how much you save as a percentage of how much you earn. Some of that is fixed cost (you always need to spend some amount of money on food) and some is lifestyle inflation. Let's say the cost of housing, feeding and clothing one person costs 25k a year. But if you tax a person making 30k the same rate as someone making 300k (let's say 20%) then one person has 24k to spend while one has 240k. The 24k person is now fucked.
I'm not at 1m but I think 40 marginal is fair. Even at the 600k+ bracket I'd be fine paying that
The question is meant to be about effective, not marginal.
Should have specified that, man. Effective is hard to figure out. What are the effective rates supposed to be for other income brackets?
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